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Early NY Thursday picked up the.......>

MNI (London)
EURO-STERLING: Early NY Thursday picked up the earlier rumours suggesting UK PM
Johnson to call a General Election on Nov1 after delivering Brexit on Oct31
(with or without no-deal, though latter looks more likely) and brought pressure
to bear on sterling. These sales provided the momentum to take the cross through
resistance into Gbp0.9250 and on to a fresh YTD high of Gbp0.9265. However,
sterling managed to recover, pared losses which allowed the cross to ease to
Gbp0.9211. Rate slowly recovered to Gbp0.9227 in Asin trade but had lost
momentum into Europe. Rate was pressed back to Gbp0.9214 but has picked up fresh
demand into the dip. Despite the higher levels the rate has settled back within
its 1.0% 10-dma envelope, the topside currently at Gbp0.9269 with the 10-dma at
Gbp0.9177. Still a steep rise in the envelope so likely the 10-dma will edge up
to meet the rate though a break below should temper the upside momentum. 
- Support Gbp0.9210/00, Gbp0.9198 38.2% Gbp0.9089-0.9265, Gbp0.9177 10-dma and
50% retrace. Resistance Gbp9265/69. 
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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